UK GDP Annual Growth Rate Revised Down to 0.3% in Q1

In the first quarter of 2013, United Kingdom's year-on-year GDP growth estimate was unexpectedly halved to 0.3 percent. In the previous quarter the economy expanded 0.2 percent. Households' saving ratio was estimated to be 4.2 percent in Q1 of 2013, the weakest since Q1 of 2009 when it was 3.4 percent.

Despite the sharp fall in household's saving ratio, the level of household expenditure is now 1.5 percent higher than in Q1 2012, the highest growth since 2009 when it rose by 1.6 percent.

Gross fixed capital formation decreased by 8.3 percent in Q1 of 2013, down from -4.7 percent in the previous quarter. It was the biggest fall in business investment since Q3 of 2009. General government and non-profit institutions serving households increased by 0.8 percent and 6.7 percent respectively in Q1 2013, resulting in a 0.4 percent increase in final consumption expenditure in Q1 2013.

The deficit in net trade was £4.3 billion in Q1 2013, compared with a deficit in net trade of £4.4 billion in Q1 of 2012 and £6.6 billion in Q4 of 2012. Exports of goods fell by 0.6 percent in Q1 2013, due to a decrease in manufactured goods; specifically material manufactures and chemicals.

Exports of services rose by 0.6 percent in Q1 2013 due to an increase in financial services exports, offset by other business, sea transportation and royalties. In Q1 2013 imports of goods fell by 2.7 percent due to a decrease in imports of fuel; specifically trade in oil. Imports of services rose 0.4 percent.

Including the alignment adjustment, the level of inventories decreased by £0.1 billion in Q1 2013. Excluding the alignment adjustment, the level of inventories fell by £1.9 billion.

ONS | Nuno Fontes | nuno@tradingeconomics.com6/27/2013 12:05:34 PM

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